傳奇的短售貨商吉姆·瓦諾斯（Jim Chanos）對微觀策略的賭注，在比特幣上佔據很長的位置

吉姆·瓦諾斯（Jim Chanos）以暴露安然醜聞而聞名，他再次激起了投資世界，這是對加密貨幣市場的大膽立場。

Legendary short-seller Jim Chanos, known for exposing the Enron scandal in the early 2000s, has once again stirred the investment world.

傳奇的短售貨商吉姆·瓦諾斯（Jim Chanos）以2000年代初以揭露安然醜聞而聞名，他再次激起了投資界。

This time, however, Chanos is targeting the cryptocurrency market, where he has taken a short position on Strategy and a long position on Bitcoin, he revealed on Wednesday at the 2025 Sohn Investment Conference.

然而，這次，Chanos的目標是加密貨幣市場，他在2025年SOHN投資會議上透露，他在戰略上佔據了短暫的立場和長期位置。

The move signals concern over growing speculation in crypto-linked stocks, particularly where company valuations have become disconnected from the underlying assets they hold.

此舉表明，人們關注與加密貨幣股票的猜測日益增長的猜測，尤其是在公司估值與他們持有的基礎資產脫節的情況下。

Chanos, founder of Kynikos Associates and one of Wall Street’s most respected sceptics, explained his strategy by comparing Strategy’s stock price with its Bitcoin reserves.

Chanos是Kynikos Associates的創始人，也是華爾街最受尊敬的懷疑論者之一，他通過比較策略的股票價格與其比特幣儲量來解釋了他的策略。

While Bitcoin remains undervalued based on its long-term fundamentals, Chanos noted that Strategy’s stock has rallied far beyond the fair market value of its holdings.

儘管比特幣根據其長期基本面被低估了，但Chanos指出，策略的股票已遠遠超出其持股的公平市場價值。

Currently, Strategy owns more than 568,840 BTC, which has an estimated market value of over $58 billion, amounting to nearly 2.7% of Bitcoin’s entire supply.

目前，戰略擁有超過568,840 BTC，估計市場價值超過580億美元，佔比特幣全部供應量的近2.7％。

The company, headed by CEO Michael Saylor, has added 122,000 BTC in 2025 alone, positioning Strategy as a leader among public firms in the digital asset space.

該公司由首席執行官邁克爾·賽勒（Michael Saylor）領導，僅在2025年就增加了122,000 BTC，將策略定位為數字資產領域的公共公司的領導者。

However, Chanos warned that this aggressive accumulation strategy has created a valuation mismatch.

但是，Chanos警告說，這種積極的積累策略造成了估值不匹配。

“It is not a pure Bitcoin proxy; it is a company that has pivoted heavily to Bitcoin without generating comparable business growth from its core operations,” Chanos stated.

Chanos說：“這不是一個純粹的比特幣代理；這是一家公司，在沒有從其核心運營中產生可比的業務增長的公司對比特幣進行了旋轉。”

He cautioned that retail investors often misunderstand this distinction, bidding up Strategy’s stock as if it were a direct substitute for owning Bitcoin.

他警告說，零售投資者經常誤解這種區別，競標策略的股票，好像是擁有比特幣的直接替代品。

This, according to Chanos, creates a "classic bubble-like situation" where Strategy shares become speculative vehicles.

根據Chanos的說法，這創造了一種“經典泡沫狀的情況”，策略共享成為投機車輛。

“People are buying the stock for its Bitcoin equivalence, and they're willing to pay more and more for that, but it's not clear what happens when that speculation recedes.”

“人們正在以其比特幣等價購買股票，並且他們願意為此付出越來越多的費用，但是尚不清楚當猜測退後時會發生什麼。”

Chanos emphasised that while Bitcoin remains a promising asset in the long run, investing in a company whose share price is inflated by hype rather than fundamentals could lead to steep losses when market sentiment shifts.

Chanos強調，儘管從長遠來看，比特幣仍然是有希望的資產，但投資一家公司的股價被炒作而不是基本面膨脹的公司可能會導致市場情緒變化時巨大的損失。

His concern is that other companies might begin mimicking Strategy’s strategy, accumulating large amounts of Bitcoin in a bid to capture investor attention.

他關心的是，其他公司可能會開始模仿戰略的策略，積累大量比特幣，以吸引投資者的關注。

Some firms may see this as a shortcut to higher valuations, especially if they lack strong revenue streams elsewhere.

一些公司可能將其視為高估估值的捷徑，尤其是如果其他地方缺乏強勁的收入來源。

This could set a dangerous precedent. According to Chanos, once the novelty wears off or Bitcoin’s price stalls, these companies could face pressure from shareholders, reduced liquidity, or even write-downs if their BTC holdings lose value.

這可能會設定危險的先例。根據Chanos的說法，一旦新穎性消失或比特幣的價格攤位，這些公司可能會面臨股東的壓力，減少流動性，甚至減少其BTC持有量失去價值。

“I urge you to differentiate between holding the asset itself and investing in a stock that simply owns the asset, especially when the latter is commanding a premium.”

“我敦促您區分資產本身和投資僅擁有資產的股票，尤其是當後者指揮溢價時。”